Monday, January 16, 2017

German Finance Minister Warns Trump Administration on Trade

German Finance Minister Wolfgang Schäuble said in an interview with The Wall Street Journal that he intended to work “as constructively as possible” with the Trump administration. But he said it would be a mistake to pursue nationalist economic policies.

“Whoever wants growth—and I trust this administration will be a growth-friendly one—must be in favor of open markets,” Schäuble said.

Is the U.S. headed toward a trade war with Germany?

The Journal noted:

Mr. Schäuble, 74, spoke before the publication of Mr. Trump’s interview with a German and a British newspaper, in which he threatened German car makers with a 35% tariff on cars imported to the U.S. and hinted he was open to loosening sanctions on Moscow. The comments from Mr. Schäuble and Mr. Trump highlighted the possibility of a looming clash between the U.S. and Germany over trade policy.